Health Insurance Reform Act
The Health Insurance Reform Act passed in March 2010, implements the program in several phases through the year 2018. Several aspects of the act have been implemented including immediate access to insurance for “uninsured” individuals with pre-existing conditions and the extension of dependent coverage to age 26 depending on your contract year.
As we are all aware, this is a controversial bill and whether we support the bill or not, the bill is being implemented based on a scheduled timeline. There are several items in the bill that become effective in 2011. Many of the provisions effect different age groups and the medical community in general.
From a human resource standpoint, employers need to know that beginning in 2011, they must disclose on the employee’s Form W-2, the amount of health insurance premiums paid for the entire year.
Employers who are outsourcing their payroll and paying their premiums directly to their health insurance carrier, need to contact their payroll providers with the premiums paid information to post on employee’s W-2’s.
For further information about this provision of the HealthCare Bill, contact Roberta Merker at OneSource Employer Services, (602) 553-8300.
